US duties on Saudi steel pipe exports under fire

Updated 16 July 2014
0

US duties on Saudi steel pipe exports under fire

The US imposition of anti-dumping and countervailing duties on Saudi steel pipes exports will weaken the competitive edge of the Kingdom’s products in US markets, said Feras Abal-Khail, spokesman of the Saudi Export Development Authority (SEDA).
“The US move will result in a direct increase in the customs tariffs on Saudi steel pipes exports to the US,” said Abal-Khail.
He affirmed that the Kingdom works constantly to protect its interests through the World Trade Organization (WTO).
“Investigations are under way in the US to verify whether the new duties are in consistent with US laws and WTO regulations,” he noted.
“The WTO regulations allow a member state the right to adopt precautionary measures to protect their respective markets in case of suspicion about possible dumping or unfair subsidies from governments to the exports,” he said.
“SEDA, as the representative of the Saudi Ministry of Commerce and Industry and the Saudi mission to the Geneva-based WTO, is in contact with the US side to resolve this problem,” he said.
The spokesman was commenting on the decision of the US Department of Commerce last week to impose anti-dumping duties on imports of steel pipes and tubes.


Sri Lanka calls for global coalition to tackle rising dollar

Updated 23 October 2018
0

Sri Lanka calls for global coalition to tackle rising dollar

  • The island’s currency bottomed out at a record-low 174.12 rupees to the dollar
  • The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further

COLOMBO: Sri Lanka on Tuesday called for a “coalition of the willing” to help stabilize free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows.
The island’s currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline.
The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further as US sanctions squeeze Iran, the island’s chief source of oil.
A stronger dollar has made it difficult for emerging markets to repay debts and battered global currencies from Turkey to India and Argentina.
Finance Minister Mangala Samaraweera invited those nations experiencing currency crises to visit Colombo and hash out a strategy.
“The rise of the dollar is having a serious impact on our currencies. We are not the only one affected,” he told reporters in the Sri Lankan capital.
“I want to build a coalition of the willing to deal with this problem. I don’t see the global situation improving any time soon.”
Washington pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting in particular its financial system.
Iran not only supplies Sri Lanka with most of its oil, but is one of its chief buyers of the island’s celebrated tea.
Samaraweera has warned that blockading Iran will have ripple on effects on Sri Lanka, which has been unable to stop the rupee from nose diving.
Last month, Colombo curbed its state institutions and public servants from importing cars to reduce the outflow of foreign capital.
Banks were also ordered to restrict lending for purchasing overseas and consumer goods, but the rupee has continued its decline.
In August, the government substantially increased taxes on small cars to discourage imports, but officials said there was still pressure on foreign exchange reserves to finance big-ticket imports.